Dex exchanges are safe? - page 3. | Bitcointalksearch.org

Babyrica0226

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?

In my personal knowledge and opinion, using android mobile phone as far as I know this is prone to hacker. Unless you have a protection to your phone I think its fine. Only Trust wallet I think was a good thing to use to store any coins under erc20. The DEX for me which I think is good to use in was IDEX, Coinexchange, and Bancor.

TheICE007

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The Dex exchanges are safe to the best of my knowledge, we should be concerned about the site we are connecting our wallet to, make sure it is the right one, as long as it is not phishing, then we are safe.

ashraf79

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Yes, safe but should be careful when yous wallets.

TelolettOm

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Please be careful with your wallet if you invest in exchange dex because this will be a big risk. I myself have experienced the theft of assets by using a wallet that was made in dex at that time I used forkdelta to sell my assets and 2 months later my assets disappeared.

trauchot

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?

I have been using dex exchanges for a long time and I had no problems at all, but to be honest I did not use ddex or switcheo, but I used such exchanges as idex, forkdelta, etherdelta and of course binance dex and I had no problems with these exchanges and I have always been able to successfully trade on these exchanges, so I think that with these your named exchanges everything is fine too, the main thing is that you must always check any exchanges on cmc.

X-ray

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When you are connecting your wallet to the fake exchange and there was a possibility for your amount to be stolen by the scammer through API. We can take what has already happened with hundreds traders in binance as the best example.
These traders are trading use bot that connected to the their binance account and their accounts were hijacked by the scammer through API.
It much better to use paper wallet but as long as you are connecting to the reliable app and that can be trusted.
You should always see validity of your application.

freedomgo

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Quote from: SistaFista on August 27, 2019, 12:16:22 AM

Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?

Decentralized exchange are mostly like that, requiring you to connect your wallet.
It is very important to using reliable decentralized exchange only, because phishing attempt may be occurred on fake DEX.

People should be aware on phishing because there were a lot of victims of this kind before.
Putting a private key is actually risky, but that's only the way we access a decentralized exchange, however, risk can be minimize if we will not directly access from our main wallet to the DEX, we should have a 2nd wallet which is a bridge and it's doable since transferring tokens in another wallet is not expensive and it's fast as well.

The process is simple, in my case, I use https://www.myetherwallet.com/ or MEW for short, I have all my tokens in a certain wallet, I will make a new one, then send my tokens to the new one, that new wallet is gonna be the wallet I will link to the exchange if I want to trade.

Annexia

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Well, these exchanges are secured as long as you don't expose your private keys to any party. Dex exchanges are more safer than Cex exchanges in my own opinion.

SistaFista

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?

Decentralized exchange are mostly like that, requiring you to connect your wallet.
It is very important to using reliable decentralized exchange only, because phishing attempt may be occurred on fake DEX.

Pamadar

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Quote from: nerlial on August 26, 2019, 05:46:33 AM

In my opinion, Dex exchanges are completely safe. The main thing is to know how to use them. Always check the website address so that you do not fall for a fraudulent website. And connect via MetaMask.

Knowing how things works from this exchange will make you more comfortable and safe, you always needs to pay attentions with any actions that you'll going to take, same with every wallets and every exchange ignorance is not an excuse you need to learn it and make sure that you will do your research before taking any entry, hackers and scammers are all over the place so taking time to anticipate and secure your funds is very important.

Adya

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Your Data Belongs To You

they are safe if use them right. just incase you can create ew adresses. ad do not go to fishing websites.

dearbesz1219

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They should be. You are the owner of the coins you have because you do not loose the control, trades on the decentralized exchange are made by smartcontracts and not by the third party. Until you not make a mistake, you should be safe with your funds.

layoutph

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Using Metamask is much better than typing your private keys to import in DDEX. If you are using Android phone, never install unknown apps.. never root your android phones.

Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?

nerlial

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In my opinion, Dex exchanges are completely safe. The main thing is to know how to use them. Always check the website address so that you do not fall for a fraudulent website. And connect via MetaMask.

alt-fire

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most of them are safe. But important is which way to get access you use. The best way is metamask wallet or ledger nano s if we talking about Ethereum wallet. But there is available and others, like Secalot.

crzy

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Quote from: mahibul49 on August 20, 2019, 05:10:15 PM

as long as your private keys are safe then you can use dex without any risk.and you know that the main advantage of dex is exchange is no KYC need to trade and also you can use dex exchange as safe trading

Yes its safe especially the good DEX, but the reason why DEX are still down is that, the fees are higher, not so many coins to trade for and it is being manipulated at the worst case scenario. Protect your keys, because if you don’t then you’ll lose money even if you are using DEX exchange its possible to happen.

cryptoknightt

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I think DEX can be a safe exchange but you have to be careful when you want to trade because I have experience when trading at the DEX exchange and enter with my private key like phishing, it's better when you trade using JSON file to log in DEX echange.

mahibul49

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as long as your private keys are safe then you can use dex without any risk.and you know that the main advantage of dex is exchange is no KYC need to trade and also you can use dex exchange as safe trading

Jenkins33

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?

The opportunity to steal your funds appears at the moment when you transfer your private key when connecting. Therefore, it is better not to keep all your tokens and Ethereum in one wallet. It is best to trade on a decentralized exchange, create a separate wallet to which you transfer your coins that you want to trade.

bison

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Quote from: jouns on August 20, 2019, 01:53:09 PM

The main advantage of the DEX exchange is that we do not have to go through the KYC procedure and in the future no one will be able to identify our wallets to which we send coins.

That's true, but there are disadvantages where when choosing a cheating and new DEX, we can lose the assets in our wallet because in opening the DEX we will definitely use the key we have to access the wallet. always and only trust in reliable DEX exchanges. for new DEX exchanges, as much as possible using a new wallet, to avoid hacking our assets.

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